The Google co-founder and current CEO of Alphabet Inc. (GOOGL) has launched an autonomous electric "air taxi" called Cora. The aircraft is intended for sale to transportation services in order to reduce the impact of car traffic on the environment and help get people where they're going far faster.

"Cora isn't just about flying. Cora is about the time you could save soaring over traffic," said a statement on the Cora site. "The people you could visit. The moments that move you."

Developed by Page's Kitty Hawk company, Cora flies like a plane but can take off and land like a helicopter, which means there's no need for long air traffic runways. Once in the air, the air taxi can use a single propeller to drive at about 110 mph between altitudes of 500 and 3,000 feet.

Cora has three independent flight computers, Kitty Hawk said, and can navigate on its own even if one of those computers fails. Each rotor on Cora works independently, but just in case of emergency Cora has a parachute for landing without its fans.

The air taxi was designed for two passengers. Its initial range is about 62 miles. While the project to develop Cora first began in 2010, there isn't an established timeline for when Cora could be available for mainstream passenger use.

While both Page's Alphabet and Kitty Hawk are based in California, the Cora project made its home in New Zealand.

"After a global search for a partner, Cora has landed in New Zealand to start a new phase of evolution," the site said. "With its commitment to innovation and forward thinking regulatory ecosystem, New Zealand is the perfect collaborator."

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